Venture Capital firm GGV raises $2.52 billion for latest funds

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The announcement follows several successful initial public offerings of its portfolio companies, including Airbnb Inc and Affirm Holdings Inc.

The GGV fund raise comes on the heels of another Silicon Valley venture capital firm TCV announcing its largest fund of $4 billion on Wednesday. Several venture capitalists have said the coronavirus pandemic stimulus package has pushed a lot of money into the system.

According to PitchBook data, U.S. venture capital firms raised a record $73.6 billion in 2020, but fewer funds are raising bigger amounts.

The latest group of four funds brings GGV’s total capital under management to about $9.2 billion, the firm said.

GGV, which has offices around the world including in Silicon Valley and Shanghai, has backed companies such as China’s tech giant Alibaba (NYSE:BABA) Group Holding Ltd and Southeast Asia’s ride-hailing and food delivery giant Grab.